Form 4: Suburban Propane VP's Equity Transactions

Suburban Propane Partners LP's Vice President of Operational Support, Keith P. Onderdonk, reported multiple equity transactions involving common and phantom units.

Summary

• Keith P. Onderdonk, Vice President of Operational Support at Suburban Propane Partners LP, reported several transactions involving the company's common units and phantom units.
• On November 14, 2025, Onderdonk disposed of 4,807 common units at $18.83 to cover tax liabilities related to the vesting of previously granted restricted units.
• Also on November 14, 2025, 9,460 common units were acquired and subsequently disposed of at a price of $18.83 per unit.
• On November 15, 2025, Onderdonk acquired 10,717 common units at a price of $0.0000.
• Following these transactions, Onderdonk's direct beneficial ownership of common units stands at 86,599.
• Regarding derivative securities, 10,717 phantom units were acquired on November 15, 2025, at $0.0000, bringing the total phantom units beneficially owned to 21,316.
• Previously, on November 14, 2025, 9,460 phantom units were disposed of, resulting in 10,599 phantom units beneficially owned before the November 15, 2025 acquisition.
• Phantom units vest one-third on each of the first three anniversaries of the grant date, converting to cash based on the average trading price of common units on the vesting date.

Sentiment

Score: 5

Explanation: The filing is a routine disclosure of insider transactions, reflecting standard executive compensation and tax-related activities. It does not present overwhelmingly positive or negative news for the company or its stock.

Positives

• Acquisition of 10,717 common units at $0.0000, increasing direct beneficial ownership.
• Acquisition of 10,717 phantom units, indicating future potential cash conversion upon vesting.
• The vesting of previously granted restricted units, which led to the tax-related disposition, represents a realization of compensation.

Negatives

• Disposition of 4,807 common units to cover tax liabilities, reducing direct holdings.
• Disposition of 9,460 common units on November 14, 2025.

Future Outlook

Phantom units are scheduled to vest one-third on each of the first three anniversaries of their grant date, converting into cash based on the average of the highest and lowest trading prices of the Issuer's Common Units on the respective vesting dates.

Industry Context

NA

Stakeholder Impact

• Shareholders: Provides transparency into executive stock ownership and compensation activities. The net increase in common units held by the VP could be seen as a minor positive signal of alignment with shareholder interests.
• Employees: The vesting of restricted units and phantom units demonstrates the company's executive compensation structure.

Next Steps

• Phantom units will vest one-third on each of the first three anniversaries of the grant date.
• Upon vesting, phantom units will automatically convert into cash based on the average of the highest and lowest trading prices of the Issuer's Common Units on the vesting date.

Key Dates

Keywords

Suburban Propane Partners LP, SPH, Insider Trading, Form 4, Equity Transactions, Common Units, Phantom Units, Executive Compensation, Stock Ownership, Keith P. Onderdonk